Members of the Board of Governors of the Fed are
A. elected to two-year terms by the Electoral College.
B. appointed by the president for four-year terms and confirmed by the Congress.
C. appointed by the president for 14-year terms and confirmed by the Senate.
D. appointed by the president for 14-year terms and confirmed by the Supreme Court.
Answer: C
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A nation's saving equals its ________ income less its spending on ________.
A. real; investment B. nominal; net taxes C. nominal; investment D. current; current needs
In the figure above, with international trade the United States ________ million shirts per year
A) imports 32 B) imports 48 C) exports 16 D) exports 32
Banks, like any other business, face a world of uncertainty and they either make a profit or suffer loss. If the losses become substantial, banks can fail and that occurs when
a. all of their loans are repaid and they cannot loan out their excess reserves b. the legal reserve requirement is raised and they have to curtail the amount of money they can lend c. a large proportion of their loans are not repaid (loans became bad investments) and depositors want more of their demand deposits than the bank has on hand d. excess reserves are greater than required reserves and banks have too much money in their vaults e. interest rates go so high banks are unable to make loans
Trade restrictions
A. Reduce the gains from trade for the country as a whole. B. Increase the gains from trade for poor countries. C. Increase the standard of living for the country as a whole. D. Reduce the number of hours employees must work.